Saudi Arabia-based financial services startup barq has entered into a partnership with Mastercard to offer its customers better payment acceptance solutions. The collaboration will allow barq to use Mastercard Gateway’s technology to provide merchants and consumers across Saudi Arabia with a broader range of services.

These services include personalised payment solutions designed to address specific customer needs. In essence, barq will be able to expand its offerings by integrating Mastercard Gateway's payment processing capabilities and fraud prevention tools. This is expected to improve the efficiency of transactions, enhance security, and offer faster payment solutions for users.

According to barq officials, the collaboration with Mastercard comes at a time when the demand for secure, rapid international transactions is increasing in Saudi Arabia. They noted that the partnership is aligned with the needs of both individuals and businesses looking for reliable cross-border payment solutions. Representatives from Mastercard emphasised the company’s commitment to supporting the growth of the Saudi fintech ecosystem, stating that the company is working with local firms like barq to help drive the country’s financial transformation.

The partnership is also seen as a contribution to Saudi Arabia's Vision 2030 initiative, which aims to advance the digitalisation of financial services in the region, particularly in facilitating international financial transactions. Mastercard Gateway’s offerings include advanced payment processing and fraud prevention for banks, merchants, and technology partners. Services available through the platform include automatic payments, subscriptions, and other recurring business transactions.

Other developments from Mastercard In August 2024, Mastercard partnered with companies such as MetaMask and Baanx to develop a new Web3 card programme.  The programme aims to combine traditional and decentralised financial systems to allow users of self-custody wallets to make purchases wherever Mastercard is accepted while maintaining control over their funds. The card also incorporates Mastercard’s security features, such as dispute management and chargeback protections. The Web3 card standards include protocols for know-your-customer (KYC) and anti-money-laundering (AML) procedures, as well as features for transaction visibility and reversal.

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